Gold Dips On Rising US Stocks

Gold futures closed lower in the domestic market on Thursday as bitcoin surged and U.S. stocks traded broadly higher.

Investors await the nonfarm-payroll report due Friday for clues on the U.S. Federal Reserve’s path on interest-rate hikes. Higher rates are typically a negative factor for nonyielding bullion, while also boosting the dollar, making U.S.-priced gold less attractive to investors using another currency.

At the MCX, gold futures for February 2017 contract ended at Rs 28668 per 10 grams, down by 1.03 per cent, after opening at Rs 28,916 against a previous close of Rs 28,967. It touched the intra-day low of Rs 28,653.

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Suhani Verma

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